<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): NOVEMBER 17, 1997
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
------------------------------------------------
PASS-THROUGH CERTIFICATE TRUST 1997-3
-------------------------------------
(Exact name of registrant as specified in its charter)
DELAWARE 33-55855 APPLIED FOR
- --------------------------------------------------------------------------
(State or other jurisdiction (Commission (IRS employer
of incorporation) file numbers) identification no.)
1100 LANDMARK TOWERS, 345 ST. PETER STREET, SAINT PAUL, MINNESOTA 55102-1639
- -----------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (612) 293-3400
---------------
NOT APPLICABLE
--------------------------------------------------------------------------
(Former name or former address, if changed since last report.)
<PAGE>
ITEM 5. OTHER EVENTS.
------------
Pursuant to the Pooling and Servicing Agreement between Green Tree
Financial Corporation (the "Servicer") and Firstar Trust Company (the
"Trustee"), on November 17, 1997, the Trustee made distributions to
the holders of the certificates representing interests in the Trust
(the "Certificateholders") and delivered to the Certificateholders
the Monthly Report required by Section 6.02 of the Pooling and
Servicing Agreement attached hereto as Exhibit 99.1.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
---------------------------------
(c) Exhibits.
The following is filed herewith. The exhibit number corresponds
with Item 601(b) of Regulation S-K.
Exhibit No. Description
----------- -----------
99.1 Monthly Report delivered to
Certificateholders on
November 17, 1997.
<PAGE>
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: November 17, 1997
MANUFACTURED HOUSING CONTRACT
SENIOR/SUBORDINATE PASS-THROUGH
CERTIFICATE TRUST 1997-3
By GREEN TREE FINANCIAL CORPORATION
as Servicer with respect to the Trust
By: /s/ Phyllis A. Knight
----------------------------------
PHYLLIS A. KNIGHT
Vice President and Treasurer
<PAGE>
INDEX TO EXHIBITS
EXHIBIT
NUMBER PAGE
- ------ ----
99.1 Monthly Report delivered to Certificateholders 5
on November 17, 1997.
<PAGE>
GREEN TREE FINANCIAL CORP.
CERTIFICATE OF SERVICING OFFICER
The undersigned certifies that she is Vice President and Treasurer of Green Tree
Financial Corp., a Delaware corporation (the "Company"), and that as such she is
duly authorized to execute and deliver this certificate on behalf of the Company
pursuant to Section 6.02 of the Pooling and Servicing Agreement (the
"Agreement") dated May 1, 1997, (97-3), between the Company and Firstar Bank,
Minnesota, National Association, as Trustee (all capitalized terms used herein
without definition having the respective meanings specified in the Agreement),
and further certifies that:
1. The Monthly Report for the period from October 1, 1997 to October 31, 1997
attached to this certificate is complete and accurate in accordance with the
requirements of Sections 6.01 and 6.02 of the Agreement; and
2. As of the date hereof, no Event of Termination or event that with notice or
lapse of time or both would become an Event of Termination has occurred.
IN WITNESS WHEREOF, I have affixed hereunto my signature this 12th day of
November, 1997.
GREEN TREE FINANCIAL CORP.
BY: /s/ Phyllis A. Knight
---------------------------
Phyllis A. Knight
Vice President and Treasurer
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
5.8875%,6.49%,6.73%,6.93%,7.14%,7.32%,7.64%
PASS-THROUGH CERTIFICATES, SERIES 1997-3
CLASS A1, A2, A3, A4, A5, A6, A7 CERTIFICATES
MONTHLY REPORT
OCTOBER 1997
CUSIP#'S 393505-TS1,TT9,TU8,TV4,TW2,TX0,TY8
TRUST ACCOUNT #80-4678900
REMITTANCE DATE: 11/17/97
Total $ Per $1,000
Amount Original
---------- ------------
Class A Certificates
- --------------------
(1a) Amount available (including Monthly
Servicing Fee) $10,613,506.23
(b) Class M-1 Interest Deficiency Amount
(if any) and Class B-1 Interest
Deficiency Amount (if any) withdrawn
for prior Remittance Date 0.00
(c) Amount Available after giving effect to
withdrawal of Class M-1 Interest
Deficiency Amount and B-1 Interest
Deficiency Amount for prior Remittance
Date 10,613,506.23
A. Interest
(2) Aggregate Interest
a. Class A-1 Remittance Rate(5.88875%) 5.88875%
b. Class A-1 Interest 73,275.25 1.98041223
c. Class A-2 Remittance Rate(6.49%) 6.49%
d. Class A-2 Interest 632,775.00 5.40833333
e. Class A-3 Remittance Rate(6.73%) 6.73%
f. Class A-3 Interest 532,791.67 5.60833333
g. Class A-4 Remittance Rate(6.93%) 6.93%
h. Class A-4 Interest 721,875.00 5.77500000
i. Class A-5 Remittance Rate(7.14%) 7.14%
j. Class A-5 Interest 339,150.00 5.95000000
k. Class A-6 Remittance Rate(7.32%) 7.32%
l. Class A-6 Interest 640,500.00 6.10000000
m. Class A-7 Remittance Rate (7.64%
unless the Weighted Average
Contract rate is less than 7.64%) 7.64%
n. Class A-7 Interest 916,800.00 6.36666667
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
5.8875%,6.49%,6.73%,6.93%,7.14%,7.32%,7.64%
PASS-THROUGH CERTIFICATES, SERIES 1997-3
CLASS A1, A2, A3, A4, A5, A6, A7 CERTIFICATES
MONTHLY REPORT
OCTOBER 1997 - Page 2
CUSIP#'S 393505-TS1,TT9,TU8,TV4,TW2,TX0,TY8
TRUST ACCOUNT #80-4678900
REMITTANCE DATE: 11/17/97
Total $ Per $1,000
Amount Original
---------- ----------
(3) Amount applied to:
a. Unpaid Class A Interest
Shortfall .00 .00
(4) Remaining:
a. Unpaid Class A Interest
Shortfall .00 .00
B. Principal
(5) Formula Principal Distribution
Amount 4,118,359.54 N/A
a. Scheduled Principal 869,050.88 N/A
b. Principal Prepayments 2,674,779.47 N/A
c. Liquidated Contracts 140,180.28 N/A
d. Repurchases .00 N/A
e. Current Month Advanced Principal 1,446,715.79 N/A
f. Prior Month Advanced Principal (1,012,366.88) N/A
(6) Pool Scheduled Principal Balance 773,902,822.67
(6b) Adjusted Pool Principal Balance 772,456,106.88 965.57013360
(6c) Pool Factor 0.96557013
(7) Unpaid Class A Principal Shortfall
(if any)following prior Remittance date .00
(8) Class A Percentage for such Remittance
Date 92.27%
(9) Class A Percentage for the following
Remittance Date 92.23%
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
5.8875%,6.49%,6.73%,6.93%,7.14%,7.32%,7.64%
PASS-THROUGH CERTIFICATES, SERIES 1997-3
CLASS A1, A2, A3, A4, A5, A6, A7 CERTIFICATES
MONTHLY REPORT
OCTOBER 1997 - Page 3
CUSIP#'S 393505-TS1,TT9,TU8,TV4,TW2,TX0,TY8
TRUST ACCOUNT #80-4678900
REMITTANCE DATE: 11/17/97
(10) Class A Principal Distribution:
a. Class A-1 4,118,359.54 111.30701459
b. Class A-2 .00 .00
c. Class A-3 .00 .00
d. Class A-4 .00 .00
e. Class A-5 .00 .00
f. Class A-6 .00 .00
Total $ Per $1,000
Amount Original
---------- -----------
(11) Class A-1 Principal Balance 9,456,106.88 255.57045622
(11a) Class A-1 Pool Factor .25557046
(12) Class A-2 Principal Balance 117,000,000.00 1000.0000000
(12a) Class A-2 Pool Factor 1.00000000
(13) Class A-3 Principal Balance 95,000,000.00 1000.0000000
(13a) Class A-3 Pool Factor 1.00000000
(14) Class A-4 Principal Balance 125,000,000.00 1000.0000000
(14a) Class A-4 Pool Factor 1.00000000
(15) Class A-5 Principal Balance 57,000,000.00 1000.0000000
(15a) Class A-5 Pool Factor 1.00000000
(16) Class A-6 Principal Balance 105,000,000.00 1000.0000000
(16a) Class A-6 Pool Factor 1.00000000
(17) Class A-7 Principal Balance 144,000,000.00 1000.0000000
(17a) Class A-7 Pool Factor 1.00000000
(18) Unpaid Class A Principal Shortfall
(if any) following current Remittance
Date .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
5.8875%,6.49%,6.73%,6.93%,7.14%,7.32%,7.64%
PASS-THROUGH CERTIFICATES, SERIES 1997-3
CLASS A1, A2, A3, A4, A5, A6, A7 CERTIFICATES
MONTHLY REPORT
OCTOBER 1997 - Page 4
CUSIP#'S 393505-TS1,TT9,TU8,TV4,TW2,TX0,TY8
TRUST ACCOUNT #80-4678900
REMITTANCE DATE: 11/17/97
C. Aggregate Scheduled Balances and Number of Delinquent
Contracts as of Determination Date
(19) 31-59 days 5,180,368.60 163
(20) 60 days or more 4,419,485.68 137
(21) Current Month Repossessions 939,016.36 35
(22) Repossession Inventory 2,027,678.08 73
(23) Weighted Average Contract Rate 10.15325
Class M-1 Distribution Test and Class B Distribution Test (applicable on and
after the Remittance Date occurring in May 2001)
(24) Average Sixty-Day Delinquency Ratio Test
(a) Sixty-Day Delinquency Ratio for current Remittance Date .83%
(b) Average Sixty-Day Delinquency Ratio (arithmetic
average of ratios for this month and two preceding
months; may not exceed 3.5%) .41%
(25) Average Thirty-Day Delinquency Ratio Test
(a) Thirty-Day Delinquency Ratio for current Remittance Date .67%
(b) Average Thirty-Day Delinquency Ratio (arithmetic
average of ratios for this month and two preceding
months; may not exceed 5.5%) .68%
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE
5.8875%,6.49%,6.73%,6.93%,7.14%,7.32%,7.64%
PASS-THROUGH CERTIFICATES, SERIES 1997-3
CLASS A1, A2, A3, A4, A5, A6, A7 CERTIFICATES
MONTHLY REPORT
OCTOBER 1997 - Page 5
CUSIP#'S 393505-TS1,TT9,TU8,TV4,TW2,TX0,TY8
TRUST ACCOUNT #80-4678900
REMITTANCE DATE: 11/17/97
(26) Cumulative Realized Losses Test
(a) Cumulative Realized Losses for the current Remittance
Date (as a percentage of Cut-off Date Pool Principal
Balance; may not exceed 5.5% from April 1, 2001 to
Mar 31, 2002, 6.5% from April 1, 2002 to Mar.31,
2003, 8.5% from April 1, 2003 to Mar. 31, 2004 and
and 9.5% thereafter) .02%
(27) Current Realized Losses Test
(a) Current Realized Losses for current Remittance Date 62,779.16
(b) Current Realized Loss Ratio (total Realized Losses for
the most recent three months, multiplied by 4, divided by
arithmetic average of Pool Scheduled Principal Balances for
third preceding Remittance and for current Remittance Date;
may not exceed 2.25%) .07%
(28) Class M-1 Principal Balance Test
(a) The sum of Class M-1 Principal Balance and Class B
Principal Balance (before distributions on current
Remittance Date) divided by Pool Scheduled Principal
Balance as of preceding Remittance Date (must equal
or exceed 23.25%) 15.45%
(29) Class B Principal Balance Test
(a) Class B Principal Balance (before any distributions
on current Remittance Date) as of such Remittance date
greater than $7,437,576.00 .00
(b) Class B Principal Balance (before any distributions
on current Remittance Date) divided by pool Scheduled
Principal Balance as of preceding Remittance Date is
equal to or greater than 11.25% 7.73%
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 7.53%
PASS-THROUGH CERTIFICATES, SERIES 1997-3
CLASS M1 CERTIFICATES
MONTHLY REPORT
OCTOBER 1997 - Page 6
CUSIP#'S 393505-TZ8
TRUST ACCOUNT #80-4678900
REMITTANCE DATE: 11/17/97
Total $ Per $1,000
Amount Original
---------- ------------
CLASS M1 CERTIFICATES
- ---------------------
(30) Amount available (including Monthly
Servicing Fee) 2,637,979.77
A. Interest
(31) Aggregate interest
a. Class M-1 Remittance Rate (7.53%,
unless Weighted Average Contract
Rate is below 7.53%) 7.53%
b. Class M-1 Interest 376,500.00 6.27500000
(32) Amount applied to Class M-1 Interest
Deficiency Amount .00 0
(33) Remaining unpaid Class M-1 Interest
Deficiency Amount .00 0
(34) Amount Applied to:
a. Unpaid Class M-1 Interest Shortfall .00 0
(35) Remaining:
a. Unpaid Class M-1 Interest Shortfall .00 0
B. Principal
(36) Formula Principal Distribution Amount .00 N/A
a. Scheduled Principal .00 N/A
b. Principal Prepayments .00 N/A
c. Liquidated Contracts .00 N/A
d. Repurchases .00 N/A
(37) Class M-1 Principal Balance 60,000,000.00 1000.00000000
(37a) Class M-1 Pool Factor 1.00000000
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 7.51%,8.03%
PASS-THROUGH CERTIFICATES, SERIES 1997-3
CLASS B CERTIFICATES
MONTHLY REPORT
OCTOBER 1997 - Page 7
CUSIP#'S 393505-UA8,UB8
TRUST ACCOUNT #80-4678900
REMITTANCE DATE: 11/17/97
(38) Class M-1 Percentage for such Remittance
Date .00%
Total $ Per $1,000
Amount Original
-------- ------------
(39) Class M-1 Principal Distribution:
a. Class M-1 (current) .00 0.00000000
b. Unpaid Class M-1 Principal Shortfall
(if any) following prior Remittance
Date .00
(40) Unpaid Class M-1 Principal Shortfall
(if any) following current Remittance Date .00
(41) Class M-1 Percentage for the following
Remittance Date .00%
Class B1 Certificates
- ---------------------
(1) Amount Available less the Class A
Distribution Amount and Class M-1
Distribution amount (including Monthly
Servicing Fee) 2,261,479.77
(2) Class B-1 Remittance Rate (7.51% unless
Weighted Average Contract Rate is below 7.51%) 7.51%
(3) Aggregate Class B1 Interest 200,266.67 6.25833333
(4) Amount applied to Unpaid Class
B1 Interest Shortfall .00 .00
(5) Remaining unpaid Class B1
Interest Shortfall .00 .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 7.51%,8.03%
PASS-THROUGH CERTIFICATES, SERIES 1997-3
CLASS B CERTIFICATES
MONTHLY REPORT
OCTOBER 1997 - Page 8
CUSIP#'S 393505-UA8,UB8
TRUST ACCOUNT #80-4678900
REMITTANCE DATE: 11/17/97
(6) Amount applied to Class B1 Interest
Deficiency Amount .00
(7) Remaining Unpaid Class B-1 Interest
Deficiency Amount .00
(8) Unpaid Class B1 Principal Shortfall
(if any) following prior Remittance Date .00
(8a) Class B Percentage for such Remittance Date .00
Total $ Per $1,000
Amount Original
-------- ------------
(9) Current Principal (Class B Percentage of
Formula Principal Distribution Amount) .00
(10a) Class B1 Principal Shortfall .00
(10b) Unpaid Class B1 Principal Shortfall .00
(11) Class B Principal Balance 60,000,000.00
(12) Class B1 Principal Balance 32,000,000.00
(12a) Class B1 Pool Factor 1.00000000
Class B2 Certificates
- ---------------------
(13) Remaining Amount Available 2,061,213.10
(14) Class B-2 Remittance Rate (8.03%
unless Weighted Average Contract
Rate is less than 8.03%) 8.03%
(15) Aggregate Class B2 Interest 187,366.67 6.69166667
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 7.51%,8.03%
PASS-THROUGH CERTIFICATES, SERIES 1997-3
CLASS B CERTIFICATES
MONTHLY REPORT
OCTOBER 1997 - Page 9
CUSIP#'S 393505-UA8,UB8
TRUST ACCOUNT #80-4678900
REMITTANCE DATE: 11/17/97
(16) Amount applied to Unpaid Class
B2 Interest Shortfall .00 .00
(17) (Remaining Unpaid Class B2 Interest Shortfall .00 .00
(18) Unpaid Class B2 Principal Shortfall
(if any) following prior Remittance Date .00
(19) Class B2 Principal Liquidation Loss Amount .00
(20) Class B2 Principal (zero until Class
B1 paid down; thereafter, Class B
Percentage of Formula Principal
Distribution Amount) .00
(21) Guarantee Payment .00
(22) Class B2 Principal Balance 28,000,000.00
(22a) Class B2 Pool Factor 1.00000000
Total $ Per $1,000
Amount Original
-------- ------------
(23) Monthly Servicing Fee (Deducted from
Certificate Account balance to arrive at
Amount Available if the Company or Green
Tree Financial Corporation is not the
Servicer; deducted from funds remaining
after payment of Class A Distribution
Amount, Class M-1 Distribution Amount,
Class B-1 Distribution Amount and Class
B-2 Distribution Amount; if the Company
or Green Tree Financial Corporation
is the Servicer) 323,994.51
(24) Class C Residual Payment 1,549,851.91
(25) Class M-1 Interest Deficiency on such
Remittance Date .00
<PAGE>
GREEN TREE FINANCIAL CORPORATION
MANUFACTURED HOUSING CONTRACT SENIOR/SUBORDINATE 7.51%,8.03%
PASS-THROUGH CERTIFICATES, SERIES 1997-3
CLASS B CERTIFICATES
MONTHLY REPORT
OCTOBER 1997 - Page 10
CUSIP#'S 393505-UA8,UB8
TRUST ACCOUNT #80-4678900
REMITTANCE DATE: 11/17/97
(26) Class B-1 Interest Deficiency on such
Remittance Date .00
(27) Repossessed Contracts Repossessed Contracts 939,016.36
(28) Repossessed Contracts Remaining
in Inventory 2,027,678.08
